Benefits at a glance

Credit card repayment insurance covers part or all of the outstanding balance on your insured credit card account if you:

  • are temporarily or permanently unable to work due to an accidental injury or illness. (This cover also extends to you if you’re studying in an approved course, or you’re the primary caregiver for dependants, or you’re not working and unable to care for yourself)
  • are made redundant (if you’re employed)
  • are declared bankrupt (if you’re self-employed)
  • have a critical illness
  • become terminally ill
  • pass away.

Pre-existing medical conditions aren’t automatically covered under your policy, and limitations and exclusions apply to the cover.


How much will it cost?

You only pay for the protection you need, so the amount you’re charged will depend on the closing monthly balance of your credit card. If your balance is zero on your monthly statement date, you won’t pay a premium that month.

Otherwise, the premium is 75 cents for every $100 (or part thereof) of the closing balance of your monthly credit card statement. So, if you have a closing credit card balance of $1000, your credit card repayment insurance will cost you $7.50 that month.

If you’re the only cardholder and are under the age of 35, you can get a discounted premium. This will bring down the cost to 50c for every $100 (or part thereof) of your monthly closing credit card balance. You can get this discount as long as you remain the sole primary cardholder.

Premiums are charged to your Kiwibank credit card account automatically every month.


Eligibility

  • You must be applying for a Kiwibank Credit Card as a primary cardholder. A joint cardholder can be covered as an insured under a joint credit card application.
  • You must be aged between 18 and 64 (inclusive).
  • You and any insured joint cardholder must be permanent residents living in New Zealand.
  • To claim for temporary or permanent inability to work you must be in paid employment or be a fixed term contractor, or self-employed, studying in an approved course, or be the primary caregiver for dependants (minimum hours apply - see the Credit Card Repayment Insurance Cover wording for full details).
  • Cover ends when you turn 65, except for Terminal Illness cover and Life cover which continue until you’re 75.

Apply now

You can apply for credit card repayment insurance when you apply for a Kiwibank credit card, just fill in the insurance section as part of the online credit card application.

Have a question for us? Ring us directly on 0800 222 491 between 8.30am and 6.00pm, Monday to Friday.

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Important information

Credit Card Repayment Insurance is provided by Kiwi Insurance Limited. Kiwi Insurance Limited is a related party of Kiwibank Limited. Kiwi Insurance Limited is the only organisation responsible for claims under the policy. If you arrange your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any products issued by, Kiwi Insurance Limited. Kiwibank Limited may receive a commission on any insurance it arranges.

Important terms, conditions and exclusions are set out in the Credit Card Repayment Insurance Cover wording (PDF 231.3 KB). If your cover was issued before 20 May 2019, you’ll need to refer to the legal documents archive for full details, terms, important conditions and exclusions.

View information about Kiwi Insurance Limited's financial strength rating and solvency margin.

“We”, “us”, or “our” means Kiwi Insurance Limited.

Credit Card Repayment Insurance before 10 April 2011

If you already have Kiwibank Credit Card Repayment Insurance and your policy was issued before 10 April 2011, your policy will have been provided by Cigna Life Insurance New Zealand Limited. Important terms, conditions and exclusions are set out in the Credit Card Repayment Insurance Policy wording (PDF 400.7 KB).

Cigna Life Insurance New Zealand Limited is the only organisation responsible for claims under this policy. If you arranged your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any product issued by, Cigna Life Insurance New Zealand Limited.

View information about Cigna's financial strength rating and solvency margin on their website at cigna.co.nz.

Kiwibank and Kiwi Insurance Limited hold no responsibility for the content on third party websites and make no representations as to the accuracy of the information provided on those websites.